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Loan Types

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Veterans Affairs Loan

First Community Mortgage is honored to serve our military and veterans by helping them on their journey to find a home.

The Veterans Affairs (VA) Loan is a mortgage loan issued by approved lenders and guaranteed by the U.S. Department of Veterans Affairs. This program was created to help returning service members purchase homes without the requirement of a down payment. VA loans may allow for 100% financing and requires the owner(s) to occupy the residence.

VA Loan Information:

  • Borrower qualification depends on income levels, debt levels, credit qualifications, and appraised value of the property.
  • 0% down for qualified borrowers.
  • Borrowers are not required to buy Private Mortgage Insurance (PMI) since the VA Loan is government-backed.
  • A VA Loan is generally easier to qualify for since the qualification procedures are less strict for government-backed loans.
  • A VA Loan sets a limit on the closing costs a veteran must pay, but a seller can pay all of the closing costs providing a no-cost move-in.

For VA home loan purchases, a veteran is considered to be a person who is an active duty service member, or who has served as active duty and was discharged under other than dishonorable conditions. An un-remarried surviving spouse of a veteran may also be considered for certain benefits under the law.

Contact the loan office closest to you for more information on VA Loans.